I always believed that having West Marine there was an unfair advantage for
Toronto (;-)
Marek (in Ottawa)
From: Stevan Plavsa via CnC-List
Sent: Monday, November 10, 2014 1:39 PM
To: Steve Thomas ; cnc-list@cnc-list.com
Subject: Re: Stus-List West Marine leaves Canada
That's a bummer .. the two marine stores I frequent, West Marine and Genco.
Genco has already closed it's doors on Queens Quay and now when West Marine
closes there will be nowhere to go "in a pinch". Everyone else is quite a drive
for me. What other options are there on Toronto's downtown waterfront???
Steve
Suhana, C&C 32
Toronto
On Mon, Nov 10, 2014 at 1:29 PM, Steve Thomas via CnC-List
<cnc-list@cnc-list.com> wrote:
Good question.
They never even tried in South Western Ontario.
----- Original Message -----
From: Bill Coleman via CnC-List
To: cnc-list@cnc-list.com
Sent: Monday, November 10, 2014 1:10 PM
Subject: Stus-List West Marine leaves Canada
Wonder why?
West Marine plans exit from Canadian market
----------------------------------------------------------------------------
Marine retailer West Marine will close 10 stores in Canada during the next
few years, ending its presence in the country.
“We have some fantastic associates up in Canada. This was a very difficult
decision for us,” West Marine CEO Matthew Hyde told analysts during a quarterly
earnings call Oct. 23. “That said, this is all about ensuring that when leases
come up that we’re making the right determination about where we invest our
money.”
The company has seven leases coming up throughout the coming year, “so
we’re going to be in Canada for quite some time,” Hyde said.
But the leases that were coming up “didn’t meet our minimum hurdles,” he
said. Also, Canada faces some additional expenses. “So we will be closing our
stores in Canada over the next few years,” Hyde said.
With the exception of the Toronto store, where the company has the lease
termination at the end of this year, the six additional stores will operate
“basically through the season,” said CFO Thomas Moran.
“As you can imagine, Canada is a pretty highly seasonal market. So that’s
just a callout about next year.
But beyond that, the impact on our top-line sales and on in our
contribution and profitability is immaterial [in 2015],” Moran said.
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